A proposed financial transaction tax that would cover 10 European Union nations and potentially provide a major windfall of development funding has passed a major hurdle, as finance ministers offered national opt-outs for levies on pensions to address concerns voiced by Belgium, Slovenia, and Slovakia.
International development advocates have been closely following the FTT negotiations, which include heavyweights Germany and France, because parallel proposals would formally or informally earmark some of the projected 15 billion-plus euros in new revenues for international aid.
"We are confident that this work can be wrapped up at the technical level,” said Vanessa Mock, European Commission spokesperson for Taxation and Customs Union.
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About the author
Bill Hinchbergerhinchberger
Bill Hinchberger is a global communications professional and educator. He studied at Berkeley and has taught at the Sorbonne. Based mostly in Paris, he spends quality time in Brazil and the United States, and works extensively in Africa and Latin America. He has served as an international correspondent for The Financial Times, Business Week, ARTnews, Variety, and others. One current focus of his work is content creation for foundations, NGOs and other organizations, especially those working on issues related to international affairs, the environment and development. He also runs training programs for professional journalists, notably in Africa, and is an associate of Rain Barrel Communications, a leading consultancy for social justice projects.
